Sun Pharma and Taro Announce Termination of Proposed Transaction

February 08, 2013 07:30 AM Eastern Standard Time

HAWTHORNE, N.Y. & MUMBAI, India--(BUSINESS WIRE)--Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro”) and Sun
Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN,
NSE: SUNPHARMA, BSE: 524715) (together with its subsidiaries, “Sun
Pharma”) announced today that they have mutually agreed to terminate
their merger agreement, announced in August 2012, pursuant to which all
shareholders of Taro (other than Sun Pharma and its affiliates) would
have received a cash payment of $39.50 per share upon the closing of the
merger.

Each of Sun Pharma and Taro (at the direction of the Special Committee)
agreed that terminating the merger agreement was in the best interest of
the respective companies and shareholders.

About Taro Pharmaceutical Industries Ltd.

Taro Pharmaceutical Industries Ltd. is a multinational, science-based
pharmaceutical company, dedicated to meeting the needs of its customers
through the discovery, development, manufacturing and marketing of the
highest quality healthcare products. More information about Taro can be
found on Taro’s website at www.taro.com.

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartered in India, Sun
Pharmaceutical Industries Ltd. is an international, integrated,
specialty pharmaceutical company. It manufactures and markets a large
basket of pharmaceutical formulations as branded generics as well as
generics in India, the United States and several other markets across
the world. In India, the company is a leader in niche therapy areas of
psychiatry, neurology, cardiology, gastroenterology, orthopedics and
ophthalmology. Sun Pharma has strong skills in product development,
process chemistry, and manufacturing of complex API, as well as dosage
forms. More information about Sun Pharma can be found at Sun Pharma’s
website at www.sunpharma.com.

SAFE HARBOR STATEMENT

Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements that
do not describe historical facts and statements that refer or relate to
events or circumstances that Sun Pharma or Taro “estimates,” “believes,”
or “expects” to happen or similar language. The forward-looking
statements in this press release are based on the current expectations
of Sun Pharma and Taro and are made only as of the date of this press
release and involve certain risks and uncertainties that could cause
actual results to differ materially from future results that may be
expressed or implied by such forward-looking statements. Unless required
by law, neither Sun Pharma nor Taro undertake any obligations to update,
change or revise any forward-looking statement, whether as a result of
new information, additional or subsequent developments or otherwise.